How do I prepare for a RAC audit?
5 Ways You Can Begin Preparing for a RAC Audit
- Perform an Internal Audit. This action will help you to determine the likelihood of coding and billing mistakes within your company.
- Identify and Correct Coding/Billing Issues.
- Review Problem Areas.
- Check Documentation.
- Find Assistance.
How are RAC auditors paid?
RACs are paid on a contingency fee basis, which means they are reimbursed based on a percentage of the improper payments they find or collect. The amount of the contingency fee is based on the amount of money from, or reimbursed to, providers.
Who performs RAC audits?
There are currently three firms that administer RAC audits, according to CMS’ website: Performant Recovery Inc., Cotiviti LLC and HMS Federal Solutions, and the company that comes calling depends on your agency’s geographic region.
How do I become a RAC?
To be eligible to take the RAC exam, a candidate must be one of the following:
- Bachelor’s degree holder with three years of regulatory experience.
- Master’s degree holder with two years of regulatory experience.
- Doctoral degree holder with one year of regulatory experience.
When did RAC audits start?
2009
The RAC program — one of several Medicare payment oversight initiatives — was launched in 2009 and relies on third-party contractors to uncover and correct improper Medicare fee-for-service payments through post-payment claims reviews.
What does RAC pay?
RAC Salaries
| Job Title | Salary |
|---|---|
| Network and Security Administrator salaries – 1 salaries reported | $62/hr |
| Technical Officer salaries – 1 salaries reported | $85,000/yr |
| Claims Assist salaries – 1 salaries reported | $53,057/yr |
| Technician salaries – 1 salaries reported | $33/hr |
What do RAC auditors look for?
What does a Recovery Audit Contractor (RAC) do? RAC’s review claims on a post-payment basis. The RAC’s detect and correct past improper payments so that CMS and Carriers, FIs, and MACs can implement actions that will prevent future improper payments.
How long does a RAC audit take?
The time period that may be reviewed is three years. Responses are time sensitive, and significant penalties may result if they are not handled properly. RACs are paid on a contingency basis for overpayments and underpayments.
How can RAC audits be prevented?
6 Critical Tips to Avoid RAC Audits
- Have a Risk-Management Plan in Place.
- Use Task and Employee Performance Checklists.
- Pay Attention to EHR Templates and Software Up-Coding.
- Avoid the Overuse of Levels 4 and 5 in E/M Codes.
- Control Errors and Expenses with an Independent Audit.
What are Recovery Audit Contractor ( RAC ) audits?
What Are Recovery Audit Contractor (RAC) Audits? What Are Recovery Audit Contractor (RAC) Audits? Also known as a Medicare audit or a MAC audit, the Recovery Audits Contract (RAC) program is an aggressive campaign seeking reimbursement from healthcare service providers.
Is there increase in number of RAC audits?
As explained earlier, all signs point to a possible increase in the frequency of RAC audits. As this happens, there has also been a rise in the number of vendors looking to help healthcare providers protect themselves from the audits’ possible financial implications.
What makes a RAC different from a certificate program?
The RAC stands out from continuing education, like certificate programs, because it indicates mastery and competency. A certificate training program’s primary purpose is to provide education and training so that participants can attain defined learning objectives in a particular area of regulatory affairs.
Are there different types of Medicare RAC audits?
In just a few years, the RAC audits have uncovered a significant number of incorrect payments and have become a major program for all states in the country. Generally, there are two types of Medicare RAC audits – the automated audits and complex audits.